Practice Questions on Admission of a Partner Class 12 Accountancy

Basic

1. Which account is to be debited when a new partner does not bring goodwill in cash?
2. How would you treat the goodwill already appearing in the books of accounts?
3. X and Y are partners in a firm. They decided to admitted Z as a new partner. Z gets 1/5 as his share profit and he contributes Rs 100,000 as his capital. What will be the new profit sharing ratio?

HOTS

1. A and B are partners sharing profits in 3:1. They admitted C and decided that profit sharing ratio between B and C shall be the same as existing between A and B. Calculate new profit sharing ratio and sacrificing ratio.
2. P, Q, R are partners sharing profits and losses in 4:3:2. They admit S for 1/9th share. It is agreed that P would retain his original share. Calculate new profit sharing ratio and sacrifice ratio.
3. Neha and Nitu are partners sharing profits in 3:2. Sandhya is admitted for 1/5th share of profits out of which half share was gifted by Neha and the remaining share was taken by Sandhya from Neha and Nitu equally. Calculate new profit sharing ratio.
4. Priya and Shreya are partners sharing profits in 4:1. Rheya is admitted for 1/5th share and she brings Rs. 25,000 as his share of goodwill which is credited to the capital accounts of Priya and Shreya respectively with Rs 15,000 and Rs 10,000. You are required to find out the new profit sharing ratio.
5. Aditya and Anuj are partners sharing profits and losses equally. Ajay is admitted and new profit sharing ratio is agreed to be at 2:1:1. Goodwill is valued at Rs. 44,000. C brings required goodwill in cash. Pass the necessary entries in the books of accounts.
6. Harsh and Mohit were partners in a firm sharing profits and losses in 4:1. They admitted Ayush for 20% share of profits of the firm. New profit sharing ratio was 5:3:2. Ayush brought Rs 75,000 as capital. He also brought Rs 10,000 in cash and furniture worth Rs 40,000 as his share of goodwill. Pass necessary entries. Show working notes.
7. Raj and Raja are partners in a firn sharing profits and losses in 3:1. Raman is admitted for 1/6th share of profits. He brings in Rs 25,000 as capital and Rs 5,000 out of his share of goodwill in cash. Goodwill of the firm is valued at Rs 60,000. The goodwill already appearing in the books of accounts is Rs 16,000. Pass the necessary journal entries in the books of accounts.